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The Dawn of India’s Future Cities Special Focus: Nagpur November 2017

The Dawn of India’s Future Cities Special Focus: Nagpur

November 2017

“CREDAI’s preeminence as the apex organization of real estate developers depends on being ahead of
“CREDAI’s preeminence as the apex organization of real estate developers depends on being ahead of
“CREDAI’s preeminence as the apex organization of real estate developers depends on being ahead of

“CREDAI’s preeminence as the apex organization of real estate developers depends on being ahead of the curve in anticipating the long term trends for development of appropriate policy framework by the Government on the one hand and for inducing the required changes in our business on the other. The hyper-growth of tier 2, 3, and 4 cities of India is the next big change for real estate. Unlike RERA and GST which were policy induced changes, the urban hyper-growth is arising out of hopes and aspirations of a young nation and its proven economic potential. There is no doubt that the urban hyper- growth would multiply the real estate opportunities manifold.

“The Dawn of India’s Future Cities” is outcome of joint efforts of JLL and CREDAI. It is a preview of India’s urban renaissance as

a self assertive nation exercises its choice on the places where

would like to live and work. We at CREDAI are fortunate that we are not mere subjects of this renaissance, but also among its authors. It is matter of deep satisfaction for me that the Report would get released at Nagpur on the occasion of New India Summit- our special and dedicated platform for tier 2, 3 and 4 cities of India.

it

dedicated platform for tier 2, 3 and 4 cities of India. it Getamber Anand Chairman, CREDAI

Getamber Anand

Chairman, CREDAI

“CREDAI as the largest organization representing real estate has a definite interest in the trends of urbanization. The shape of India’s future cities has the profoundest impact on real estate as enterprise. The desire to anticipate and understand the size, distribution and composition of India’s future cities has led to the partnership with JLL. The volume that is now before us accomplishes this task of exploring India’s future cities comprehensively.

Over and above this task of understanding India’s future urbanization, however, CREDAI as the largest association of

12,000 developers spread across 23 states and 177 cities also has a motivational purpose to involve all our members in the building of our urban future. The New India Summit at Nagpur

is the platform that CREDAI has created specially for the

discourse on tier 2, 3 and 4 cities of India. These cities are the successors to our existing metros in every sense of the term. I hope that this volume being released at Nagpur also triggers deeper introspection on what we can do

Nagpur also triggers deeper introspection on what we can do towards making the new India.” Jaxay

towards making the new India.”

Jaxay Shah

President, CREDAI

Nagpur also triggers deeper introspection on what we can do towards making the new India.” Jaxay

Preface

India’s demographic dividend and the rapid pace of urbanisation come with its unique challenges. The urban population is expected to cross 850 million by 2050 with 50% of India living in the cities. More than 55% of the population in 2050 will be in the 19-59 age group, the key working demographic. This brings us to the two biggest challenges - creating newer urban centres which can also serve as economic engines of growth as well as suitable employment opportunities for the people who will reside here, and migrate to these new cities making them their new home. India has begun in the right earnest. The Government’s Smart Cities programme along with the Urban Rejuvenation Scheme - AMRUT, is a step in the right direction, which will not only enable upgrading of the creaking infrastructure in our large cities but also provide our smaller centres a template to become megacities in the future.

The role of the central government and the respective state governments assumes paramount importance, as they are the enablers to kick-start these mega development projects to create the right environment for private sector participation in nation building. The real estate and infrastructure sector will become a key agent of change by making the next wave of Indian megacities future ready - participating in the infrastructure backbone creation and by providing physical space to its residents and economic agents.

These future cities are already up and running on the development curve. Some of them have inherent advantages, which they are looking to embrace more wholeheartedly to reach the next stage of city evolution.

This report examines the evolving landscape of India’s urbanisation and the changing gears in India’s future cities - at the same time analysing the real estate asset classes which would find greater resonance, along with the tectonic shifts required in conventional business practices post recent redefining regulatory changes. The report being released on the occasion of the New India Summit 2017, powered by CREDAI - JLL and fittingly being held in one of India’s future megacities, Nagpur, will showcase a heralding of the Dawn of New India.

will showcase a heralding of the Dawn of New India . Ramesh Nair CEO & Country

Ramesh Nair CEO & Country Head JLL, India

The Dawn of India’s Future Cities - Focus Nagpur

Introduction

India with its rapid growth and evolving urbanisation trends needs new megacities. With the urban sprawl increasing and overburdening the infrastructure in large cities, creation of new, large urban centres has attained critical importance. Decluttering our metros by creating new economic engines of growth is already underway through various central and state government initiatives.

Upgrading the infrastructure and improving municipal and civic response times in our Tier II , III and IV cities will form the backbone, which will enable our cities to attract economic and industrial activity to a greater extent. Many of these cities are already taking measures to identify themselves as the flag- bearers in terms of investments and development, with the growth agenda becoming inclusive and diverse.

The latest report from JLL analyses urbanisation and migration trends in the country to create a case for developing our Tier II , III and IV cities. Focusing on real estate, the report seeks to identify the asset classes which offer opportunities for developers in these locations whilst reiterating the impact of regulatory changes and how developers in Tier II , III and IV cities need to imbibe fiscal prudence as well as better industry practices to create a template for sustained success.

Through this report, we have identified the urban centres that stand out as the megacities of the future. We put them through an analysis matrix based on various parameters such as planning, development, infrastructure progress and high-value catalysts, with the results highlighting prominent cities, which we believe have the potential to find their unique place for robust real estate activity outside of India’s metros over the coming years.

With the release of this paper at the New India Summit at Nagpur, and the city itself being one of the top three, non-capital cities amongst the best performers, the final section focuses on the vision of making Nagpur a future megacity and the implementation progress of various measures designed to achieve this objective.

The Dawn of India’s Future Cities - Focus Nagpur

India’s urbanisation

story - dividend or burden?

India stands at the cusp of a huge demographic dividend. It is a country on the move and the high percentage of young population in the country is a pointer towards the long-term economic benefits of a large workforce. In 2017, India’s young workforce, between 20-59 years is a significant 53.5% and even by 2050, will stand at a healthy 55%. The chart below shows India’s population split age-wise across male and female population. Clearly the pyramid is bigger in the middle, indicating the large workforce that will continue to keep India young while giving it a significant edge.

This demographic dividend though will need gainful employment opportunities, educational facilities and relevant skilling as it will demand better economic opportunities, living conditions and benefits from the authorities.

80+ 75-79 70-74 65-69 60-64 55-59 50-54 45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-14
80+
75-79
70-74
65-69
60-64
55-59
50-54
45-49
40-44
35-39
30-34
25-29
20-24
15-19
10-14
05-09
00-04
5
4
3
2
1
0
1
2
3
4
5
Female%
Male%

Urbanisation in India is mainly attributed to the liberalisation of its economy post the 1990s. Liberalisation was the catalyst for accelerated private sector growth in India. Since then, though urbanisation has taken place at a fast rate in the country, even today, just over one-third of its population lives in urban areas, adding up to a CAGR of 2.5% over the past quarter of a century. Exposure to global trends and the conscious shift towards a knowledge and information- based economy has resulted in many Indian cities becoming megacities. These cities are competing to attract knowledge workers and investments, especially in sectors such as IT/ITeS and manufacturing, which propel employment and the growth of physical infrastructure such as the metro rail, ring roads and international airports. But inadequate infrastructure and the reactive approach to capacity building is creating a situation of urban chaos and gridlock while the cities’ support services creak under the burden of increased inward migration.

The Dawn of India’s Future Cities - Focus Nagpur

According to the results of Census 2011, there were 64 cities in the country with a population of a million or more and by 2031, that number is estimated to rise to more than 87. Some of these urban centres are already aspiring megacities of the future and are taking positive steps towards becoming major economic generators of wealth and contribute meaningfully to the country’s GDP. With economic activities spread over a larger part of the country, a broad-based economy will result in more inclusive growth while gainfully utilising the young workforce that the country has access to. It will also reduce the pressure on the current megacities by distributing it to the future cities of India.

While India’s urban population is currently around 33.5% of the total population, it contributes over 60% of India’s GDP. It is projected that urban India will contribute nearly 75% of the national GDP by 2030.

• As India’s population continues to grow, more citizens will move to cities.

• It is estimated that by 2050, the number of people living in Indian cities will touch 850 million.

• Smarter ways to manage complexities, reduce expenses, increase efficiency and improve the quality of life are required to accommodate this rapid urbanisation and make cities smart.

Challenges in cities

Today’s cities face significant challenges, such as increasing population, lack of physical and social infrastructure, environmental and regulatory requirements, declining tax bases and budgets and increased costs. They have to learn to identify new and smart ways to manage the complexity of urban living and to address problems ranging from pollution, overcrowding, inadequate housing, high unemployment, resource management and rising crime rates. Long-standing urban challenges include housing, especially for low- income population groups, infrastructure inadequacies and the constant struggle to deliver a variety of services, including water, sanitation, education and health. With a view to modernising India and accelerating the process of urbanisation, the Prime Minister of India has envisioned the creation of 100 “smart cities”. The core idea is to develop satellite towns of larger cities and modernise existing mid-sized cities.

Migration trend

In India, according to Census 2011, 45.36 crore Indians (which is 37% of the total population in India) are migrants indicating that they have now settled in a place different from their original residence. In 2001, the figure stood at 31.45 crore. Employment and marriage were the dominant reasons for migration. Railway data for 2011-16 was used to estimate internal work-related migration and threw up a figure of 9 million people as the annual average flow between the states. According to the Economic Survey 2017, districts with high net in-migration tend to be city-districts such as Gurugram, Delhi and Mumbai. Districts with high net outmigration are located in the economically under- achieving states, such as Uttar Pradesh and Bihar. The Delhi region accounted for more than half of the in-migration in 2015-16, while Uttar

Pradesh and Bihar together accounted for half of the total out-migrants. Maharashtra, Goa and Tamil Nadu had major net in-migration, while Jharkhand and Madhya Pradesh had major net outmigration.

Infrastructure capacity building remains the biggest challenge for India in order to enable the country to realise its true potential. While the larger cities have good infrastructure, it is creaking under the pressure of increased in-migration from the smaller centres. Tier II and Tier III cities lag far behind in terms of existing infrastructure and a lot of work is needed to have adequate and stable power, good roads and reliable telecommunication infrastructure. In addition, making such smaller cities engines of change by creating more economic activity is extremely important to retain talent and prevent migration.

extremely important to retain talent and prevent migration. Investment Destinations A few cities are labelling
extremely important to retain talent and prevent migration. Investment Destinations A few cities are labelling

Investment Destinations

A few cities are labelling themselves as investment destinations by offering state-of-the-art infrastructure and attractive lifestyles.

Reasons for migration

Others Moved with Household Moved after Birth Marriage Education Business Education Work/Employment 0% 10% 20%
Others
Moved with Household
Moved after Birth
Marriage
Education
Business Education
Work/Employment
0%
10%
20%
30%
40%
50%
2011
2001

60%

Source: Census 2011, Economic Survey of India, United Nations University, JLL-CREDAI: A white paper on smart cities

The Dawn of India’s Future Cities - Focus Nagpur

Shifting Sands of Real Estate:

Aligning Tier II & III cities

The contours of Indian real estate are evolving with the sector charting a new direction as a result of learning from experience.

The real estate sector in India is currently undergoing a paradigm shift. Revolutionary regulatory changes have left an indelible mark on the sector for years to come. Developers with years of experience have also been on the path of constant learning and those who have evolved have achieved greater success both commercially as well as in terms of recognition. In India’s megacities, more developers are creating commercial offices on a pure lease model. In India’s Grade A office stock of nearly 500 mn sq ft across the top seven cities, more than 60% is held under single ownership. They have learnt the value of institutional partnership over disposing of assets in a piece-meal manner. Those who followed this model from the outset are now the undisputed leaders in the segment.

India’s retail story is similar across the larger as well as the smaller cities. Failed malls on account of poor design, execution and management have made developers learn the hard way that retail is a specialised asset class needing more patience, investment and professional management with a long-term vision of creating ‘experience destinations’ than ‘shopping plazas’ to achieve success. We see instances of closed malls across many cities with successful examples showing the way for others.

The Indian residential sector is the biggest asset class in terms of value. It is also the sector that has underwent a significant course correction in the recent times. Poor industry practices, unfulfilled promises and unrealised dreams of buyers culminated in the single biggest reform ever seen in real estate - the creation of a regulator.

TThe huge demand for housing had fuelled a price rise from 2011 onwards culminating in a bull run for three years. This also created a supply-demand mismatch with lesser houses being made available for the mid and affordable buyer segment. This was acutely visible in the larger cities where the associated price rise and project delays due to mismanagement and funds diversion eroded buyer confidence, signalling the need for change. The enforced change through the emergence of the regulator is now causing a shift in business practices, where only the honest and serious players are expected to survive. A major change worth mentioning is how developers have started aligning the product to suit the needs of the larger buyer base. This includes offering lower ticket sized houses with suitable price points as well as compact sizes. It is worth noting how the average sizes of apartments have shrunk as developers have started to conform to the affordability tag. The concern however, is not to make the sizes so small that houses become un-liveable.

2,500 2,000 19.6% 26.4% 27.3% 8.8% 14.6% 1,500 16.9% 4.1% 1,000 500 0 Mumbai-MMR NCR-Delhi
2,500
2,000
19.6%
26.4%
27.3%
8.8%
14.6%
1,500
16.9%
4.1%
1,000
500
0
Mumbai-MMR NCR-Delhi
Bengaluru
Chennai
Pune
Hyderabad
Kolkata
Average Apartment Size in 2010 (sq ft)
Average Apartment Size in 2016 (sq ft)
Average Apartment Size in 2010 (sq ft)

The housing sector’s importance can be gauged by the fact that the government has launched a ‘Housing For All by 2022’ programme to enable creation of over two crore houses in the urban areas. The thrust area is creation of affordably priced housing stock to fulfil the demand of the Economically Weaker Section (EWS) and Low Income Group (LIG) segments which contribute the maximum to the urban housing shortage. This segment has immense potential in the Tier II and III cities as affordable land prices and abundant land availability can become key enablers for creation of such affordably priced housing stock, providing a better quality of life for its residents and migrants coming in to the city.

The Dawn of India’s Future Cities - Focus Nagpur

India’s logistics and warehousing sector is also primed for a quantum jump with the advent of a unified, one India tax - GST (Goods & Services Tax) and associated infrastructure push to improve surface and air connectivity across the country. Given below is how India stacks up to international standards on the logistics sector’s performance.

Parameters

India

United States

Chine

Logistic Performance Index (LPI), 2016

Score : 3.12 (rank: 35/160)

Score : 3.99 (rank: 10/160)

Score : 3.66 (rank: 27/160)

Logistic Cost as % of GDP

13%

8.3%

18%

Major industries driving the logistics sector

Auto components

Food processing

Metals Electronics

Pharmaceuticals

Cement Textiles

and beverages

E-commerce

Cement Textiles

 

Inadequate road network Loss during transportation

High

High toll charges Shortage of trained manpower

Major Challenges

employee cost

The LPI is an interactive benchmarking tool created to help countries identify the challenges and opportunities they face in their performance in trade logistics and what they can do to improve their performance. It is measured by the following parameters: customs, infrastructure, international shipments, logistics quality and competence, tracking and tracing, and timeliness (World Bank)

As per World Bank report, India ranks 35out of 160 countries on LPI; jump of 19 spots from 2014.

Major Drivers of Indian warehousing industry

E-Retail Catalyst
E-Retail Catalyst
E-Retail Catalyst
 

• e-retail industry’s phenomenal growth trajectory in recent times is gradually pushing the transformation from retail shelf space to warehousing rack space in India.

• Insurance cover of goods stored in warehouses also sets the standards for quality construction / built quality in warehousing as a compliance criteria.

GST Implementation
GST Implementation
GST Implementation

Immediate Term

• Goods & Services Tax (GST) has helped eliminate the inter-state tax hurdles and created a uniform taxation regime for goods transfer.

• Direct impact visible in firms looking to create large distribution centres and smaller, local fulfilment centres - operationally efficient Hub & Spoke Model of warehousing and faster growth in quality warehousing space

Infrastructure Push
Infrastructure Push
Infrastructure Push

Short TermLong

Term

• Major infrastructure initiatives will serve as long term, direct drivers, such as; a).1,515 Kms long Western Dedicated Freight Corridor between Delhi and Mumbai; b). 1,839 Kms long Eastern Dedicated Freight Corridor between Ludhiana and Kolkata

• These projects and other similar projects to bring in faster & cost efficient goods transfer through Multi-Modal Logistic Parks.

Industrialization
Industrialization
Industrialization
 

• Long term indirect driver of ‘Make in India’ initiatives helping in the growth of the manufacturing sector which in turn is expected to boost warehousing for both domestic distribution as well as EXIM trade.

• Industrial Corridors like Delhi Mumbai Industrial Corridor (DMIC), Amritsar-Kolkata Industrial Corridor (AKIC) to boost warehousing developments indirectly.

The Dawn of India’s Future Cities - Focus Nagpur

That the “one size does not fit all” maxim holds true in real estate cannot be denied. Even within larger cities, we see different dynamics at play, and the same attributes may not find similar resonance across geographies. In this context, India’s future cities would do well not to blindly ape the metros’ development and growth but chart their own course, building on their strengths and creating a development template that is unique to them.

Before we look at what opportunities India’s Tier II and III cities can tap into, we will glance at how the new regulatory changes have brought about a tectonic shift in the sector’s business practices, and development players will do well to adapt and change quickly to this rapidly evolving scenario.

Impact of Regulatory Reforms on Small Developers

Demonetisation
Demonetisation

• An overall slowdown in residential unit sales across the country

• Most of the launches were seen in the mid-range and affordable categories across all the cities - a positive impact on the smaller developers who continued venturing into new markets

• Mid to small size residential developers were seen seeking partnerships with larger developers to help revive their projects stalled by fund shortages and regulatory hurdles

Real Estate and Regulation Act (RERA)
Real Estate
and Regulation
Act (RERA)

• Aims at introducing transparency in the sector by imposing accountability on real estate developers and agents

• With greater transparency, buyers are likely to take an interest in projects even by small developers, even if they lack flashy advertisements and discount offers

• Initially, only big developers may undertake new projects; later, with the market becoming well regulated, small-scale developers will find their way back, keeping capital values up

Goods and Services Act (GST)
Goods and
Services Act
(GST)

• The elimination of layers of tax would reduce the the inefficiencies

Budget 2017
Budget 2017

• According infrastructure status to affordable housing and increased allocation to NHB will boost creation of housing stock

What should Tier II and III cities look at in the near to medium term?

In our opinion, quality housing and the warehousing/logistics sectors are likely to find good traction in the emerging urban centres. With investments in infrastructure being the backbone for the warehousing/logistics sector, the increased employment opportunities will result in inward migration and fuel the need for housing options. Existing city level drivers, such as tourism, education can also be used to piggy-back on and explore opportunities in the hospitality and rental/student housing asset classes.

Housing for All Agenda - Credit Linked Subsidy Scheme for Mid-Income Groups

Housing for All Mission - Launched by the Ministry of Housing and Urban Poverty Alleviation, (MoHUPA), the “Pradhan Mantri Awas Yojana” (Urban) envisions provision of Housing for All by 2022 in urban India and creation of 2 crore houses. The policy extends financial support to buyers for both new house acquisition as well as the improvement of existing houses. Referred to as the Credit Linked Subsidy Scheme, the component aims at providing interest subsidy on home loans taken by eligible urban poor and also covers the middle-class in the cities.

The salaried and middle-income groups comprise a significant proportion of the population in our cities - both in the major metros as well the smaller cities/towns.

Relaxation The salary bands of INR 12 lakh and INR 18 lakh adequately cover the
Relaxation
The salary bands of INR 12 lakh and INR 18 lakh adequately cover
the middle-class and the schemes earlier envisaged for only a year
have now been extended.
Granting of
infrastructure
status to affordable
housing
on carpet
area size
The current benefits offered to developers to create affordable housing:
The granting of
100% exemption
on business profits
from affordable
housing projects
The Dawn of India’s Future Cities - Focus Nagpur

However, with developers experiencing supply-side constraints such as the lack of the availability of land and finance at reasonable rates for constructing affordable housing projects in Tier I cities, more affordable housing projects are expected to come up in the Tier II & III cities.

Identifying the Opportunities in Alternative Assets - Warehousing and Tourism

Warehousing: Developers and several foreign private equity players are now foraying into warehouse developments across cities in India and are coming up with large-scale and technologically advanced warehousing/logistics space with

state-of-the-art facilities. The relatively easier availability of land in Tier II and Tier

III cities compared to the larger metros, along with improving connectivity through infrastructure developments make quite a winning combination for these cities.

Opportunities in the Tourism Sector: India’s strong growth in the services industry

in the past few years has led to increased, business travel to Tier II & III

cities has also increased over the years. Smaller urban centres with linkages to

tourism and serving as central nodes to tourist locations in the hinterlands are also

in a prime position to leverage tourism revenues for development works in the city.

Hospitality sector investments in Tier II & III cities have also been on the rise, with a considerable increase in the number of business and leisure travellers to these cities. Hospitality chains are looking to increase their presence in smaller cities to leverage this opportunity.

Developers’ Perspective: With an intention to maximise profit, more and more developers are showing keen interest in exploring affordable housing project options in the Tier II & III cities with demand drivers such as:

• Growing middle-class population

• Quality infrastructure and rapid rate of urbanisation

• Rising demand for such projects in these cities

• Comparatively low penetration indicating less competition in comparison to large metros

Buyers’ Perspective: The easing of lending regulations by the National Housing Board and the Reserve Bank of India and enabling loans on a priority basis are likely to increase the affordability among the mid-income buyers.

Learnings for developers in Tier II and III cities:

• The time for informal business partnerships and non-serious players is over

• Institutional players are increasingly focused on affordable housing and the logistics/warehousing sector, both of which have immense potential in smaller urban centres

• Corporate governance, professional management and ethics are key drivers for attracting institutional funding as well as clients

• With the advent of RERA, compliance is a must and this opportunity should be used to undertake a “house clean-up”

• A rational approach to development with a focus on evolving a brand equity through quality project delivery will work the best

• The days of “super-normal” returns are over, but quality projects will always yield a positive bottom line

• Evolve a plan of strategic land banking; do not overstretch finances

• Strategic tie-ups with peer developer groups and national players is a likely trend going forward

• Embrace change

The Dawn of India’s Future Cities - Focus Nagpur

Identifying the

“gems” beyond the top Indian cities

As India’s economic engine chugs along further on the development track, it is imperative that we realise that our large cities have a limited ability to absorb the influx of people who gravitate towards them in search of better livelihood opportunities. The pressure on these cities’ infrastructure is enormous and rather than a better quality of life, we are witness to the mushrooming of urban slums with sub-standard living conditions, especially for the semi-skilled and labour workforce. The worsening urban decay and gridlock in cities are compounded by the policy vacuum that has not kept pace with this rapid growth. In this context, as urbanisation is tending to become a drag on India’s growth rather than contribute to nation building, we seek to identify the next wave of urban centres that have the potential to ease the urbanisation pressure by emerging as new centres of economic activity, thereby resulting in more inclusive and widespread growth.

According to our estimates from the extrapolation of 2011 population statistics, India is now home to 64 cities that have more than a million residents.

While the larger cities remain the biggest draw, one must realise that they have drawn heavily on their population growth and managed to successfully channel this human capital of varying skills to consolidate their demographic strengths and emerge as the face of a new India. We are now entering an era where the need of the hour is to create similar and newer urban centres. The current demographics of such cities along with associated investments in physical infrastructure will create the bedrock from which we will see the advent of a new future spanning a larger cross-section of the country. India’s federal structure has resulted in many small and midsized cities mushrooming in parallel with the larger cities, pointing towards an organic growth trajectory. However, the lack of planning, governance and regional equity has led to many such potential cities lagging behind in optimising their economic contribution.

The Dawn of India’s Future Cities - Focus Nagpur

In recent times, there has been a change brewing with the constant discussion around rising inequities among the urban-rural divide and even income disparities among cities. A lack of homogeneous growth has stunted the growth of economic megacities, despite some of the smaller urban centres rivalling the big metros in size and potential.

In this section, we attempt to identify the cities that have the most dynamic attributes over the short-term and long-term and look the most likely candidates to emerge as the new face of tomorrow’s India.

The first and most essential factor is the human capital in a city. Assuming that the population dispersion is fairly uniform across the Tier II and Tier III cities in India in terms of age, sex ratio and education profile, we have used the numbers residing in a city (whether permanent or transient) as the first filter to identifying the megacities of the future

Using data from Census 2001 and Census 2011 to estimate decadal population growth and using the same growth rate (with some slowing growth rate to account for migration trends) to project the population in 2017, we identified 111 cities with an existing population of more than half a million.

Taking away the Tier I cities and their satellite suburban areas, the bucket comprises 98 cities with a current population of more than half a million.

Since demographic strength is an essential factor for a city to realise its true economic potential, we now filter the next-generation megacities based on a population figure of a million and higher. Calculating the compound annual growth rate (CAGR) from 2001 to 2017, we benchmark the cities’ population growth to India’s population CAGR (1.5% as per World Bank estimates in 2015) over the same period, and the resultant filter gives us a list of 45 Tier II and Tier III Indian cities

The Dawn of India’s Future Cities - Focus Nagpur

These 45 potential cornerstones of a more widespread development across the country are identified region-wise
These 45 potential cornerstones of a more widespread development across the country are identified region-wise below.
North Zone
Central Zone
East Zone
Chandigarh
Raipur
Jabalpur
Guwahati
Srinagar
Indore
Gwalior
Patna
Amritsar
Bhopal
Jamshedpur
Jaipur
Ranchi
Jodhpur
Bhubaneswar
Kota
South Zone
Lucknow
Visakhapatnam
Thrissur
Tiruchirappalli
West Zone
Vijayawada
Malappuram
Tiruppur
Mysore
Kannur
Salem
Ahmedabad
Hubli-Dharwad
Kollam
Thiruvananthapuram
Surat
Kochi
Coimbatore
Vadodara
Kozhikode
Madurai
Rajkot

The Dawn of India’s Future Cities - Focus Nagpur

The 45 cities have been studied in depth, with data from government sources, public documents, government programmes, the Detailed Project Reports (DPRs) on infrastructure development projects and JLL Research, collated and analysed to create a composite scoring index.

The aim of this index is to identify the hidden gems in the country that have the template to emerge as new economic centres, driven by investments in infrastructure, adequate human capital and riding upon the growth of the manufacturing/industrial and warehousing/logistics sectors. The resultant economic growth will create demand for residences and other allied support sectors.

As part of the methodology, we have shortlisted 12 key growth-related elements, which are further grouped into three main sub-indices:

Socio-economic momentum contains the parameters of a city’s per capita income, population, population growth and classification of the city as a capital city and it being part of the Smart City Initiative.

Enhanced Connectivity Infrastructure includes the study of the city’s accessibility through the Golden Quadrilateral/North-South Corridor/East-West Corridor/National Highways, the status of metro connectivity in the city and the status of airports (servicing local needs/international linkage/planned).

High-value incubators relate to the ability of the underlying attributes of a city to maintain momentum over the longer term supported by its current status in the fields of education, current industry penetration, tourism destination impact, status of local ports, national/international ports/dry ports/Inland Container Depots and the presence of international standard sports stadium and facilities.

The Dawn of India’s Future Cities - Focus Nagpur

The performance of each city under the various attributes is encapsulated below.

For ease of analysis, the parameters related to highway, metro, airport and railway connectivity are clubbed under a combined head – Enhanced Connectivity Infrastructure.

Similarly, parameters related to hubs (education, industry & tourism), presence of ports/dry ports/ICDs and presence of international sports facilities have been clubbed under the head - High-Value Incubators.

While the darkest shade of BLACK represents the lowest score in the respective attribute, the gradual colour change to lighter shades and transforming from GREY to WHITE reflect the highest scores under the attributes.

Top 45 Cities Highway Airport Type Metro Connectivity Status Railway Connectivity Overall Performance Lucknow
Top 45 Cities
Highway
Airport Type
Metro Connectivity Status
Railway Connectivity
Overall Performance
Lucknow
Jaipur
Kochi
Ahmedabad
Nagpur
Varanasi
Bhubaneswar
Visakhapatnam
Vijayawada
Coimbatore
Patna
Guwahati
Bhopal
Vadodara
Surat
Gwalior
Kozhikode
Indore
Thiruvananthapuram
Chandigarh
Agra
Srinagar
Bareilly
Tiruchirappalli
Salem
Amritsar
Hubli-Dharwad
Madurai
Rajkot
Meerut
Raipur
Aurangabad
Jamshedpur
Nashik
Ranchi
Mysore
Kota
Thrissur
Moradabad
Kannur
Tiruppur
Kollam
Jodhpur
Aligarh
Malappuram

The Dawn of India’s Future Cities - Focus Nagpur

The table below shows the score of 1 or 0 assigned to each attribute by the green and red icons, respectively.

Top 45 Cities

Tourism

Industrial

Education

Port or Inland Depot

Intl. Stadium

Visakhapatnam

Visakhapatnam
Visakhapatnam
Visakhapatnam
Visakhapatnam
Visakhapatnam

Vijayawada

Vijayawada
Vijayawada
Vijayawada
Vijayawada
Vijayawada

Guwahati

Guwahati
Guwahati
Guwahati
Guwahati
Guwahati

Patna

Patna
Patna
Patna
Patna
Patna

Chandigarh

Chandigarh
Chandigarh
Chandigarh
Chandigarh
Chandigarh

Raipur

Raipur
Raipur
Raipur
Raipur
Raipur

Ahmedabad

Ahmedabad
Ahmedabad
Ahmedabad
Ahmedabad
Ahmedabad

Surat

Surat
Surat
Surat
Surat
Surat

Vadodara

Vadodara
Vadodara
Vadodara
Vadodara
Vadodara

Rajkot

Rajkot
Rajkot
Rajkot
Rajkot
Rajkot

Srinagar

Srinagar
Srinagar
Srinagar
Srinagar
Srinagar

Jamshedpur

Jamshedpur
Jamshedpur
Jamshedpur
Jamshedpur
Jamshedpur

Ranchi

Ranchi
Ranchi
Ranchi
Ranchi
Ranchi

Mysore

Mysore
Mysore
Mysore
Mysore
Mysore

Hubli-Dharwad

Hubli-Dharwad
Hubli-Dharwad
Hubli-Dharwad
Hubli-Dharwad
Hubli-Dharwad

Kochi

Kochi
Kochi
Kochi
Kochi
Kochi

Kozhikode

Kozhikode
Kozhikode
Kozhikode
Kozhikode
Kozhikode

Thrissur

Thrissur
Thrissur
Thrissur
Thrissur
Thrissur

Malappuram

Malappuram
Malappuram
Malappuram
Malappuram
Malappuram

Thiruvananthapuram

Thiruvananthapuram
Thiruvananthapuram
Thiruvananthapuram
Thiruvananthapuram
Thiruvananthapuram

Kannur

Kannur
Kannur
Kannur
Kannur
Kannur

Kollam

Kollam
Kollam
Kollam
Kollam
Kollam

Indore

Indore
Indore
Indore
Indore
Indore

Bhopal

Bhopal
Bhopal
Bhopal
Bhopal
Bhopal

Gwalior

Gwalior
Gwalior
Gwalior
Gwalior
Gwalior

Nagpur

Nagpur
Nagpur
Nagpur
Nagpur
Nagpur

Nashik

Nashik
Nashik
Nashik
Nashik
Nashik

Aurangabad

Aurangabad
Aurangabad
Aurangabad
Aurangabad
Aurangabad

Bhubaneswar

Bhubaneswar
Bhubaneswar
Bhubaneswar
Bhubaneswar
Bhubaneswar

Amritsar

Amritsar
Amritsar
Amritsar
Amritsar
Amritsar

Jaipur

Jaipur
Jaipur
Jaipur
Jaipur
Jaipur

Jodhpur

Jodhpur
Jodhpur
Jodhpur
Jodhpur
Jodhpur

Kota

Kota
Kota
Kota
Kota
Kota

Coimbatore

Coimbatore
Coimbatore
Coimbatore
Coimbatore
Coimbatore

Madurai

Madurai
Madurai
Madurai
Madurai
Madurai

Tiruchirappalli

Tiruchirappalli
Tiruchirappalli
Tiruchirappalli
Tiruchirappalli
Tiruchirappalli

Tiruppur

Tiruppur
Tiruppur
Tiruppur
Tiruppur
Tiruppur

Salem

Salem
Salem
Salem
Salem
Salem

Lucknow

Lucknow
Lucknow
Lucknow
Lucknow
Lucknow

Agra

Agra
Agra
Agra
Agra
Agra

Varanasi

Varanasi
Varanasi
Varanasi
Varanasi
Varanasi

Meerut

Meerut
Meerut
Meerut
Meerut
Meerut

Bareilly

Bareilly
Bareilly
Bareilly
Bareilly
Bareilly

Aligarh

Aligarh
Aligarh
Aligarh
Aligarh
Aligarh

Moradabad

Moradabad
Moradabad
Moradabad
Moradabad
Moradabad

The Dawn of India’s Future Cities - Focus Nagpur

The 45 cities have been analysed on each of the parameters mentioned above and the results are displayed hereunder. The final score is the Composite Score Index, with the score of each city indexed to 100.

Top 45 Cities

State Capital

Smart City

Connectivity Infrastructure

High value Incubators

Final Score (out of 100)

Kochi

Kochi       90.2 90.2
Kochi       90.2 90.2
     

90.2

90.2

Ahmedabad

Ahmedabad       88.2 88.2
Ahmedabad       88.2 88.2
     

88.2

88.2

Jaipur

Jaipur       87.6 87.6
Jaipur       87.6 87.6
     

87.6

87.6

Nagpur

Nagpur       86.7 86.7
Nagpur       86.7 86.7
     

86.7

86.7

Lucknow

Lucknow     83.3 83.3
Lucknow     83.3 83.3
   

83.3

83.3

Varanasi

Varanasi       80.9 80.9
Varanasi       80.9 80.9
     

80.9

80.9

Visakhapatnam

Visakhapatnam       73.3 73.3
Visakhapatnam       73.3 73.3
     

73.3

73.3

Coimbatore

Coimbatore       72.4 72.4
Coimbatore       72.4 72.4
     

72.4

72.4

Thiruvananthapuram

Thiruvananthapuram       71.6 71.6
Thiruvananthapuram       71.6 71.6
     

71.6

71.6

Bhubaneswar

Bhubaneswar       71.0 71.0
Bhubaneswar       71.0 71.0
     

71.0

71.0

Agra

Agra       67.7 67.7
Agra       67.7 67.7
     

67.7

67.7

Gwalior

Gwalior       66.5 66.5
Gwalior       66.5 66.5
     

66.5

66.5

Patna

Patna       66.3 66.3
Patna       66.3 66.3
     

66.3

66.3

Vadodara

Vadodara       64.1 64.1
Vadodara       64.1 64.1
     

64.1

64.1

Guwahati

Guwahati       60.8 60.8
Guwahati       60.8 60.8
     

60.8

60.8

Bhopal

Bhopal       60.5 60.5
Bhopal       60.5 60.5
     

60.5

60.5

Indore

Indore       59.7 59.7
Indore       59.7 59.7
     

59.7

59.7

Surat

Surat       59.1 59.1
Surat       59.1 59.1
     

59.1

59.1

Srinagar

Srinagar       56.9 56.9
Srinagar       56.9 56.9
     

56.9

56.9

Tiruchirappalli

Tiruchirappalli       56.7 56.7
Tiruchirappalli       56.7 56.7
     

56.7

56.7

Chandigarh

Chandigarh       54.2 54.2
Chandigarh       54.2 54.2
     

54.2

54.2

Kozhikode

Kozhikode       54.0 54.0
Kozhikode       54.0 54.0
     

54.0

54.0

Vijayawada

Vijayawada       53.3 53.3
Vijayawada       53.3 53.3
     

53.3

53.3

Madurai

Madurai       46.2 46.2
Madurai       46.2 46.2
     

46.2

46.2

Aurangabad

Aurangabad       46.1 46.1
Aurangabad       46.1 46.1
     

46.1

46.1

Raipur

Raipur       44.7 44.7
Raipur       44.7 44.7
     

44.7

44.7

Nashik

Nashik       44.3 44.3
Nashik       44.3 44.3
     

44.3

44.3

Jamshedpur

Jamshedpur       41.4 41.4
Jamshedpur       41.4 41.4
     

41.4

41.4

Ranchi

Ranchi       41.2 41.2
Ranchi       41.2 41.2
     

41.2

41.2

Mysore

Mysore       40.7 40.7
Mysore       40.7 40.7
     

40.7

40.7

Salem

Salem       39.8 39.8
Salem       39.8 39.8
     

39.8

39.8

Amritsar

Amritsar       39.8 39.8
Amritsar       39.8 39.8
     

39.8

39.8

Hubli-Dharwad

Hubli-Dharwad       37.2 37.2
Hubli-Dharwad       37.2 37.2
     

37.2

37.2

Jodhpur

Jodhpur       34.2 34.2
Jodhpur       34.2 34.2
     

34.2

34.2

Rajkot

Rajkot       34.0 34.0
Rajkot       34.0 34.0
     

34.0

34.0

Meerut

Meerut       30.1 30.1
Meerut       30.1 30.1
     

30.1

30.1

Bareilly

Bareilly       29.5 29.5
Bareilly       29.5 29.5
     

29.5

29.5

Kota

Kota       28.2 28.2
Kota       28.2 28.2
     

28.2

28.2

Tiruppur

Tiruppur       26.0 26.0
Tiruppur       26.0 26.0
     

26.0

26.0

Moradabad

Moradabad       25.4 25.4
Moradabad       25.4 25.4
     

25.4

25.4

Thrissur

Thrissur       24.5 24.5
Thrissur       24.5 24.5
     

24.5

24.5

Kollam

Kollam       23.4 23.4
Kollam       23.4 23.4
     

23.4

23.4

Kannur

Kannur       20.5 20.5
Kannur       20.5 20.5
     

20.5

20.5

Aligarh

Aligarh       14.3 14.3
Aligarh       14.3 14.3
     

14.3

14.3

Malappuram

Malappuram       The Dawn of India’s Future Cities - Focus Nagpur 13.4 13.4
Malappuram       The Dawn of India’s Future Cities - Focus Nagpur 13.4 13.4
     

The Dawn of India’s Future Cities - Focus Nagpur

13.4

13.4

Using the cities’ cumulative scores, we have created a scatter plot using the per capita income levels for each of these cities to identify the cities that have the maximum potential and are on their way to achieving it, which ones have the template for development but need to do more to create economic value for its residents and which ones need to get on to the development bandwagon to ensure they are not left behind.

Per Capita Income and Composite Score Index 100.0 Kochi 90.0 Ahmedabad Jaipur Nagpur Lucknow Varanasi
Per Capita Income and Composite Score Index
100.0
Kochi
90.0
Ahmedabad
Jaipur
Nagpur
Lucknow
Varanasi
80.0
Visakhapatnam
Coimbatore
Bhubaneswar
70.0
Agra
Thiruvananthapuram
Patna
Gwalior
Vadodara
Bhopal
Guwahati
60.0
Indore
Surat
Srinagar
Tiruchirappalli
Chandigarh
Kozhikode
Vijaywada
50.0
Aurangabad
Madurai
Raipur
Jamshedpur
Nashik
Mysore
Ranchi
Salem
40.0
Amritsar
Hubli-Dharwad
Jodhpur
Rajkot
Bareilly
30.0
Kota
Meerut
Moradabad
Tiruppur
Thrissur
Kollam
20.0
Kannur
Aligarh
Malappuram
10.0
0.0
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
220,000
240,000

Per Capita Income in INR

The scatter diagram of per capita income and the Composite Score Index gives a more inclusive list of cities, clearly identifying those cities that are using existing economic strengths to focus on the development and infrastructure parameters to truly

become the megacities of tomorrow.

Nine cities have the ready mix for future investments and economic value creation (highlighted in GREEN).

Ten cities have enough economic value to derive long-term benefits if emphasis is put towards improving infrastructure and the high-value incubator attributes (highlighted in ORANGE).

Cities in the upper left-hand quadrant have the right template in terms of adequate investments in infrastructure but other endemic issues/perceptions are creating barriers for their growth. Those inching towards the upper right quadrant are moving in the right direction.

Nine cities need a lot of work in creating tangible economic value for its residents as well as to improve upon infrastructure and other drivers for growth (highlighted in RED).

All the cities have the right size to enhance their current value and contribution in the overall economic activity if investments are channelled towards attracting enough opportunities for its residents and creating the right talent pool to be able to attract drivers for employment creation and generation.

The Dawn of India’s Future Cities - Focus Nagpur

Annexures The scoring index is based on weights assigned to each key index and scores given based on each of the individual attributes defined above.

   

Relative Factor Weight

 

Factor

Rating

(in rounded percentage, as per its importance to the city’s growth prospects)

Description/Methodology

Whether a state capital or not

 

10%

While being the capital city has inherent advantages of being the seat of the state government that allows for faster development, we believe that secondary cities that have much stronger industrial linkages have the ability to develop faster and in certain cases emerge as stronger centres of economic activity than state capitals. Hence, we have assigned lower weightage to this parameter.

Yes

1

   

No

0

   

Whether a smart city or not

 

40%

Under the Smart City Programme, each city will receive a grant from the state and the Central Government. Irrespective of rankings and ratings, each city has equal potential to realise its dream of becoming a smart city, hence all cities that are declared under Phase I, Phase II and Phase III have received an equal rating of 1.

Yes

1

   

No

0

   

Highway connectivity

 

30%

Road connectivity is extremely important, and cities covered under the Golden Quadrilateral and the North-South and East-West corridors have tremendous potential as logistics hubs, with enhanced accessibility opening up many opportunities for growth. National highways also remain important from the linkage perspective and rank just lower.

Golden quadrilateral, North-West and South-East corridors

2

   

Other national highways only

1

   

No national highway

0

   

Airport

 

40%

Air connectivity opens up the city to business and leisure travellers while enhancing its image and also acting as a fulcrum for development of the city’s boundaries and bringing in investments and jobs in the cargo and aviation sector. International connectivity can give added impetus to the economic growth agenda and gets maximum importance.

International

3

   

Domestic

2

   

Future/planned

1

   

None

0

   

City metro service

 

40%

Cities need to constantly innovate and create multi-modal transport networks to improve efficiencies and reduce gridlock. While the metro may be an expensive investment, it decongests key commercial centres while opening up newer areas for development along its track length. Multiple nodes of the metro can bring great economic efficiency to a city’s working ethos. Operational metro connectivity gets the greatest weightage.

Existing

4

   

Under construction

3

   

Planned

2

   

Proposed

1

   

None

0

   
   

30%

Railways remain the most preferred mode of travel for a majority of Indian travellers and connectivity to major cities in the country and the hinterland allows for two-way migration that the city can capitalise on. It is also reflective of the transient population that passes through the city and contributes to the city’s economic activity.

Railway connectivity

(but due to factor, weight taken at 10%)

Number of trains passing/halting across the city’s railway junctions

Number indexed to a score of 10

   

Hubs (cumulative)

 

40%

The city’s pre-eminence in its region as a tourism, industrial and educational centre can act as a tremendous catalyst for creating the template for future growth. The ability to attract transient population can accrue long-term benefits for the city’s economic health. Tourism cities with inbound traffic for local attractions are rated, but gateways to other locations are not rated. For education we have considered, the presence of national/state universities, IITs/IIMs, AIIMS, NITs and a mix of higher institutes with at least two or more national level institutes present.

Tourism

1

   

Industrial

1

   

Educational

1

   

Ports or dry port or ICD

 

30%

Port infrastructure has the ability to be a tremendous economic driver by making the city a key shipping and trading centre. Dry ports and inland container depots serve the same purpose through the road network, generate revenue through the logistics/warehousing sector and are easier to implement in smaller cities due to the easier availability of land.

Yes

1

   

No

0

   

Presence of international standard sports stadium/facilities

 

20%

Multidiscipline sports infrastructure can uplift the city’s profile by hosting major domestic and international events. It can serve as a permanent base for sports disciplines and can generate healthy revenues for the city.

Yes

1

   

No

0

   

Cumulative score

Maximum score achievable is 6.6

The Dawn of India’s Future Cities - Focus Nagpur

The cumulative score out of 6.6 has been indexed to 100 to obtain a composite scoring index.

The Dawn of India’s Future Cities - Focus Nagpur

Focus Nagpur

This section aims to capture the potential that Nagpur inherently possesses and has been enhanced by the recent efforts by the State and Central governments to improve all-round infrastructure and the quality of life of its inhabitants. This, combined with its existing strengths of serving as the gateway to Vidarbha and investments to enhance employment opportunities and economic contribution, have started yielding good dividends. This is the right time to focus on the untapped opportunities that this city offers and how economic growth can act as a catalyst for the development of ancillary sectors, including real estate.

Population 2.5 Million
Population
2.5
Million
Decadal Growth Rate of Population 19.3%
Decadal
Growth Rate of
Population
19.3%
Total Households 1.04 Million (district)
Total
Households
1.04
Million
(district)
Literacy Rate 92.0% of Total Population
Literacy
Rate
92.0%
of Total
Population

Source: Nagpur Landscape | Census of India Data (2011), knoema.com, World Data Atlas, JLL Research

The Dawn of India’s Future Cities - Focus Nagpur

Nagpur City - Introduction

• Strategically located in the heart of India

• Zero Mile of India located at Nagpur

• Largest city in central India

• Second capital of Maharashtra

• Regional headquarters for Vidarbha Region

• Population: 2,405,421 (2011) (third in the state after Mumbai, Pune)

• Administrative Status: District Headquarters

• Area: 220 sq km

• Has one of the highest literacy rates at 92.0%

• Chosen in Round 2 of the Smart Cities Initiative

• Popularly known as the “Orange City”, for its orange fruit production

as the “Orange City”, for its orange fruit production 1.22 1981 Population in Million 2.05 2001
1.22 1981
1.22
1981

Population in Million

2.05 2001
2.05
2001
1.62 1991
1.62
1991
2.44 2011
2.44
2011
2.81 2017 (Estimated)
2.81
2017
(Estimated)

Source: Census of India Data (2011)

The Dawn of India’s Future Cities - Focus Nagpur

Regional Connectivity

Connectivity

Road Connectivity

• India’s primary transport hub for the Vidarbha region while providing regional connectivity to the rest of the state

• Confluence of National Highways Mumbai-Kolkata NH-6 & Kanyakumari-Varanasi NH-7. This is the Zero Mile of India

Kanyakumari-Varanasi NH-7. This is the Zero Mile of India Rail Connectivity • Located on Mumbai-Kolkata and

Rail Connectivity

• Located on Mumbai-Kolkata and Delhi-Chennai rail links.

• Rail connectivity to Kolhapur, Pune, Ahmedabad, Hyderabad, Jammu, Varanasi, Bhubaneswar, Trivandrum, Gorakhpur, Visakhapatnam, Bangalore, Patna and Indore.

Gorakhpur, Visakhapatnam, Bangalore, Patna and Indore. Air Connectivity • Regular flights to Mumbai, Delhi and

Air Connectivity

• Regular flights to Mumbai, Delhi and some international routes (Dubai, Bangkok). Nagpur is set to be a prominent destination on India’s aviation map as the country’s first ever Multi-modal International Cargo Hub (MIHAN) is expected to be completed in the coming few years.

(MIHAN) is expected to be completed in the coming few years. Prominent Key Ongoing / Proposed

Prominent Key Ongoing / Proposed Infrastructure Projects

Project

Implementing

Anticipated

Status

Impact/Beneficiary Zones

Authority

Completion

 

Under

Outer Ring Road
Outer Ring
Road

MSRDC

2025

Construction

Peripheral areas of Nagpur (around 10-12 km from Central Nagpur), e.g. Wadi, Kankapur, Automotive Square, Kamptee, Kanhan, Kapsi, Jamtha and Hingana, etc.

Proposed Airport and Cargo Hub
Proposed
Airport and
Cargo Hub

MADC

2015

Planning

Stage

Wardha Road, South Nagpur

Proposed Metro Rail Project
Proposed
Metro Rail
Project

DMRC

2020

Under

Construction

Route-1: Kamptee, Sitabuldi, Congress Nagar, Rahate Colony, NEERI, Chatrapati Square, Airport and MIHAN

Route-2: Prajapati Nagar, Wardhaman Nagar, Dharampeth, North Ambazari Road, Lokmanya Nagar and Hingna Road

The Dawn of India’s Future Cities - Focus Nagpur

Growth Zones and City Expansion Trends

Northern SBD Koradi Road D Jaripatka Ring Road Rajnagar Kamptee Road CBD Civil Lines Eastern
Northern SBD
Koradi Road
D
Jaripatka
Ring Road
Rajnagar
Kamptee Road
CBD
Civil Lines
Eastern SBD
Sitabuldi
B
Itwari
A
Sadar
Western SBD
Gandhibaug
C
Dharampeth
Hingana MIDC
Wardhman Nagar
Ramdaspeth
Amravati Road
Lakadganj
Dhantoli
Ambazari Road
E
Hingana MIDC
Airport
Southern SBD
Wardha Road
Khamla
MIHAN
Growth corridor
Butibori MIDC
MIHAN
Outer Ring Road
A
B
C
D
E

• City’s oldest market

• Trading hub for Vidarbha Region

Offices of Nagpur based corporate houses

High street retail formats

Redevelopment projects mostly defunct industries being developed as

real estate projects

• Offices of Nagpur based corporate

houses

The Dawn of India’s Future Cities - Focus Nagpur

• Hingana Maharashtra Industrial Development Corporation Industrial Area (MIDC)

• Commercial development along Hingana Road due to Outer Ring Road

IT Park at Parsodi

Spillover of

commercial

development from Sadar to the Northern Region like Byramji Town, Kamptee Road

and Koradi Road

Educational

institutions

Upcoming IT & manufacturing facilities at 4,354 ha MIHAN SEZ

• Butibori MIDC Phase I & II

Overview of City Level Real Estate Activity

CBD
CBD
SBD EAST
SBD EAST
SBD WEST
SBD WEST
SBD NORTH
SBD NORTH
SBD SOUTH
SBD SOUTH

• The most prominent high street retail area and trading hub of the city. Real estate development has become saturated due to limited land availability

• Mix of old residential development in areas like Sitabuldi, Sadar and newly developed areas like Civil Lines and Gokul Peth

• Retail segment consists of organised / modern retail establishments as well as high street retail

• Commercial segment consists of government as well as private offices

• Undergoing transformation due to the development of quality Grade A projects

• Mix of old and emerging residential pockets

• Retail segment consists of malls and high street retail

• Commercial projects are in the form of stand-alone with retail on ground floor and commercial on upper floors

• Residential development in the form of bunglows and row houses with apartment typology picking up.

• Commercial buildings here comprise of retail area on lower floors and offices on higher floors

• A mélange of prime residential as well as cluster housing nodes catering to varied population profiles

• The residential development is in the form of row houses, independent bungalows as well as apartment typologies

• A market moving towards premium housing given proximity and good connectivity with CBD areas

• Retail is in the form of high street shops and commercial complexes

• Maximum growth seen here due to the impact of MIHAN; the area possesses tremendous potential for real estate development

• The area has witnessed a healthy supply of residential developments in the last few years

• Retail and commercial development is at a nascent stage; however, several developments are proposed and expected to come on stream in the next 3-5 years

The Dawn of India’s Future Cities - Focus Nagpur

Key Drivers

Key Drivers of Nagpur
Key Drivers
of Nagpur
Pro-active government support
Pro-active government support
State of the art infrastructure
State of the art infrastructure
Availability of work pool
Availability of work pool

What drives Nagpur’s economy

Floriculture, Oranges Mining & Agriculture Industry Administration Education Tourism Defence, etc.
Floriculture, Oranges
Mining &
Agriculture
Industry
Administration
Education
Tourism
Defence, etc.
Warehousing/
Manufacturing
Logistics

The Dawn of India’s Future Cities - Focus Nagpur

GDP: USD 15.1 billion 4% contribution to state GDP
GDP: USD 15.1 billion
4% contribution to state GDP

Economic Drivers

Economic Drivers Manufacturing • Nagpur has two large MIDCs at Hingana and Butibori, where most of

Manufacturing

• Nagpur has two large MIDCs at Hingana and Butibori, where most of the city’s industrial activity is concentrated

• Hingna MIDC:

- Spread over 746 ha, it is located on the western fringes of the city and houses around 900 small and medium industrial units

• Butibori MIDC:

- One of the largest industrial areas of the country in terms of area (2,312 ha)

- Developed as 5-Star Industrial District by MIDC

- Units in Butibori include Indo Rama Synthetics, KEC and ACC Nihon Castings

• Apart from the two large MIDCs, there are other private industrial areas, such as Kamptee and Kalmeshwar

private industrial areas, such as Kamptee and Kalmeshwar Logistics & Trading • Being the geographic centre

Logistics & Trading

• Being the geographic centre of India and the largest city of central India, Nagpur has become a major trading and logistics hub

• Sitabuldi is the largest market for traders in the region

• Many MNCs have set up warehouses to support their pan-India supply chains

set up warehouses to support their pan-India supply chains Education • College of Agriculture , Nagpur,
set up warehouses to support their pan-India supply chains Education • College of Agriculture , Nagpur,

Education

• College of Agriculture, Nagpur, is one of the oldest colleges in the country - founded in 1906

• Nagpur University, founded in 1923, is one of the oldest in the country

• Institute of Management Technology (B-School), Nagpur Veterinary College and VNIT are prominent colleges in the city

• AIIMS (proposed) - Land already acquired in MIHAN

city • AIIMS (proposed) - Land already acquired in MIHAN Agriculture • Known as the “Orange
city • AIIMS (proposed) - Land already acquired in MIHAN Agriculture • Known as the “Orange

Agriculture

• Known as the “Orange City” of India

• Oranges account for 75% of agriculture produce

• Other major crops are cotton, paddy, jowar, cotton, tur and soya bean, etc.

are cotton, paddy, jowar, cotton, tur and soya bean, etc. Administration • Nagpur is the second

Administration

• Nagpur is the second capital of Maharashtra

• Winter assembly sessions take place in Nagpur

• Nagpur is the administrative headquarters for Vidarbha Region

is the administrative headquarters for Vidarbha Region Tourism • Known as the “Tiger Capital” of India

Tourism

• Known as the “Tiger Capital” of India

• Tourist inflow on account of wildlife and sanctuaries

• Religious significance

of wildlife and sanctuaries • Religious significance Mining • Mineral rich region • Huge deposits of

Mining

• Mineral rich region

• Huge deposits of minerals such as coal, manganese, dolomite, tungsten and limestone

The Dawn of India’s Future Cities - Focus Nagpur

Future Economic Setting

1. MIHAN

• Project envisaged to tap Nagpur’s geographic location potential

• Stands for Multi-modal International Cargo Hub and Airport at Nagpur

• One of India’s biggest economic development projects underway

• Spread over an area of 4,354 ha

• Project MIHAN is primarily divided into two parts:

- An international airport to act as a cargo hub

- An SEZ with a residential zone on the southern end of Nagpur

• Project MIHAN also includes a captive power plant, a health city, road & rail terminals and an international school

• The total internal length of roads would be around 51 km.

Activity

Ha

Airport

1,200

Road – Rail Terminal

200

SEZ (processing)

1,475

- IT Park

500

- Captive Power

52

- Health City

40

Other manufacturing and value-added service

50

Residential, open spaces, hotels, roads, water

963

Total

4,354

Salient Features of MIHAN International Airport (Cargo Hub)

• Expansion of the existing airport of 400 ha to 1,364 ha

• Passenger traffic of 14 million per year and cargo traffic of 0.87 million tonnes a year by 2030 (projected by MADC)

• Parking space would be provided for 50 aircrafts in the terminal and 50 aircrafts in a remote area

• Widening and extending the present runway (3,200 m x 45 m) to (3,600 m x 45 m)

• Separate cargo complex for handling and transferring cargo to-and-fro the airport

Salient Features of MIHAN SEZ

• Spread across 2,086 ha, one of the largest multi-product SEZs in India to be built alongside the airport.

• Out of 2,086 ha, 1,472 ha would be used by various processing industries with a focus on manufacturing (textile and garments, gems

& jewellery, food processing, pharma and biomedical, etc.) and IT/ITeS

• SEZ will also have a residential zone adjoining the processing area

Status of MIHAN

• MIHAN is expected to provide 0.12 million direct jobs and 0.35 million indirect jobs by 2020

• Many of the companies, i.e. Hexaware BPS, TAL and Lupin Pharma (Trial Drug Formulation), have started exporting from MIHAN SEZ

• Presence of IT / ITeS companies - TCS, Hexaware, Caliber Point Business Solutions Ltd

• Spread across 200 acres, the Indian Institute of Management became operational in 2015

2. Butibori MIDC Phase II

• Strategically located within the “V” of Wardha Road & Hyderabad Road after Defence land with accessibility from both Wardha Road

& Hyderabad Road

• Proposed area: 1,667 ha; total investment INR 1,100 crores

• For Phase II of the MIDC industrial estate, the process for acquisition of 1,500 ha of land has been completed

• It is expected that the direct employment generation would be around 15,000 jobs when fully operational

• IT park (20 ha), textile park (204 ha), apparel park (68 ha) and weaver’s park (147 ha) are proposed in the area

Source: Final Report on EIA for Butibori Phase II, smartcities.gov.in, MIHAN, MADC, MIDC, Economic Survey of Maharashtra

The Dawn of India’s Future Cities - Focus Nagpur

Infrastructure Push

Nagpur Metro and Outer Ring Road

NAGPUR METRO RAIL (2022) Corridor 1 19.58 km, 18 stations Corridor 2 18.557 km, 19
NAGPUR METRO RAIL (2022)
Corridor 1
19.58 km, 18 stations
Corridor 2
18.557 km, 19 stations
• Total length: 38.21 km
• Expected employment: 1,700
• Total investment: INR
868,000 million
• 30% work completed
• Anticipated start date: 2Q18
OUTER RING ROAD DEVELOPMENTS (2025)
• Length of 119 km is set to be completed
• Estimated cost of this work is around INR 11,700 million
• Five railway overbridges, 20 minor bridges and 15
underpasses, etc.

Once the Outer Ring Road is complete, the number of heavy vehicles on the Inner Ring Road - from Wadi via Dhaba, Mankapur and Nari to Automotive Square on Kamptee Road - will reduce considerably. NHAI will levy a toll to recover the project cost.

Source: Nagpur Master Plan 2014

Infrastructure Push - Expressways

PROPOSED

PROPOSED Mumbai - Nagpur Super Communications Expressway (Planning Stage) The work will be undertaken in two

Mumbai - Nagpur Super Communications Expressway (Planning Stage)

The work will be undertaken in two phases and in Phase I, the land acquisition and upgrading of roads to four lanes will

be done; will reduce the time of travel between the cities.

• Estimated cost of the project is INR 400,000 million

• Will have eight lanes along with service roads

UNDER CONSTRUCTION

eight lanes along with service roads UNDER CONSTRUCTION Nagpur - Aurangabad Expressway (2019) The work will

Nagpur - Aurangabad Expressway (2019)

The work will be undertaken in two phases. In Phase I, four lanes are constructed and in Phase II the road is being expanded to a six-lane highway with multiple service roads, tunnels and flyovers.

• Estimated cost of this project is INR 300,000 million

• At the beginning of 2012, about 60% of the highway construction had been completed.

The Dawn of India’s Future Cities - Focus Nagpur

The Dawn of India’s Future Cities - Focus Nagpur

Nagpur: Major Warehousing and Industrial Corridors

Towards Jabalpur 280 km (via NH 44) Nimji Asoli Gondakhairi Waddhamna Asoli Gondakhairi Hingna MIDC
Towards
Jabalpur
280 km (via
NH 44)
Nimji
Asoli
Gondakhairi
Waddhamna
Asoli
Gondakhairi
Hingna MIDC
Waddhamna
Kotewada
Kotewada - Butibori
Butibori

• The city, being at the geographical centre of India, is likely to see growing demand after the implementation of GST and the expected connectivity boost

• Opportunities in Grade A warehousing like to grow with an increase in occupier demand

Infrastructure Profile

NH 44, NH 47, NH 53 and AH 46 pass through citywith an increase in occupier demand Infrastructure Profile Dr. Babasaheb Ambedkar International Airport Nagpur is

Dr. Babasaheb Ambedkar International AirportProfile NH 44, NH 47, NH 53 and AH 46 pass through city Nagpur is divisional

Nagpur is divisional HQ of Central Railwaysthrough city Dr. Babasaheb Ambedkar International Airport JNPT Port (830 km) Vizag Port (780 km) DCR

JNPT Port (830 km) Vizag Port (780 km)Airport Nagpur is divisional HQ of Central Railways DCR Appraisal FSI / FAR Ground Coverage 50%

DCR Appraisal FSI / FAR

Ground Coverage 50%

1-1.2

The Dawn of India’s Future Cities - Focus Nagpur

Logistics and Warehousing Sector

Nagpur’s strategic central location within the country and its good connectivity have helped it in
Nagpur’s strategic central location within the country and its good connectivity have helped it in
Nagpur’s strategic central location within the country and its good connectivity have helped it in

Nagpur’s strategic central location within the country and its good connectivity have helped it in emerging as a trading and logistics hub of central India.

The three major industrial hubs of Nagpur are Butibori, Kalmeshwar and Hingna, with Butibori being the largest 5-star industrial MIDC followed by Hingna and Kalmeshwar MIDC. Moreover, logistics has also evolved as an alternative sector of the economy, since various MNCs have established their warehouses in and around the city to support their supply chain.

Some of the logistics parks in and around the city are Orange City Logistics Park, Plusgrow Logistics and Warehousing and Logistics Park on the intersection of MH 6 and VIP Road. Most warehouses are located in the Chinchbhuwan, Gondakhairi, Surabardi and Kamala Nagar areas.

The Dawn of India’s Future Cities - Focus Nagpur

Nagpur: Strengths and Opportunities

Nagpur: Strengths and Opportunities Strengths • The strategic location of the city, almost in the heart

Strengths

• The strategic location of the city, almost in the heart of the country

• Commercial hub and leading industrial centre of eastern Maharashtra

• The city is expected to witness growth in the logistics industry due to its central geographical position and the new developing area of MIHAN

• Has the only Multi-product SEZ in India that is attached to an airport

• Potential employment generation due to upcoming MIHAN

• Educational hub of central India and Vidarbha Region leading to the availability of skilled manpower

• Several key infrastructure projects are underway that would have an impact on the overall growth of the city

that would have an impact on the overall growth of the city Weaknesses • Most of

Weaknesses

• Most of the real estate development has happened based on the future growth prospects of MIHAN

• Low talent retention due to lack of enough opportunities in the city

retention due to lack of enough opportunities in the city Opportunities • Scope for expanding as

Opportunities

• Scope for expanding as a tourism destination

• Anticipated real estate demand and employment generation due to proposed economic generator

• Scope for expanding as an educational city

generator • Scope for expanding as an educational city Threats • Inadequacy of existing public transport

Threats

• Inadequacy of existing public transport system

• History of lethargy and lack of will in the implementation of social and physical infrastructure; however, the city has witnessed significant development in the last two years with enhanced government focus for the city

• Competitions from other Tier II & III cities

The Dawn of India’s Future Cities - Focus Nagpur

cities The Dawn of India’s Future Cities - Focus Nagpur Why Nagpur? Excellent Talent Pool Home

Why Nagpur?

Dawn of India’s Future Cities - Focus Nagpur Why Nagpur? Excellent Talent Pool Home to several
Dawn of India’s Future Cities - Focus Nagpur Why Nagpur? Excellent Talent Pool Home to several

Excellent Talent Pool Home to several national educational and technical institutons. Houses 275 institutions and 5 universities.Availability of skilled manpower and large English speaking pool

of skilled manpower and large English speaking pool Health & Education Infrastructure Hub for education and

Health & Education Infrastructure Hub for education and health related services for population residing with 200 km radius, including adjoining states of Madhya Pradesh, Chhatisgarh and Andhra Pradesh.

states of Madhya Pradesh, Chhatisgarh and Andhra Pradesh. Smart City Nagpur is included in the 2nd
states of Madhya Pradesh, Chhatisgarh and Andhra Pradesh. Smart City Nagpur is included in the 2nd

Smart City

Nagpur is included in the 2nd phase of the Smart City Development Project, it ranks 5th on the Smart City Priority Ranking

Project, it ranks 5th on the Smart City Priority Ranking Swachh Bharat Initiative Nagour ranks 20th
Project, it ranks 5th on the Smart City Priority Ranking Swachh Bharat Initiative Nagour ranks 20th

Swachh Bharat Initiative

Nagour ranks 20th in the country’s latest Swachh Bharat rankings

ranks 20th in the country’s latest Swachh Bharat rankings High Safety Index Nagpur has a high
ranks 20th in the country’s latest Swachh Bharat rankings High Safety Index Nagpur has a high

High Safety Index

Nagpur has a high safety index of 76.72% against the National Index of 53.39%

safety index of 76.72% against the National Index of 53.39% Low Cost of Living Compared with
safety index of 76.72% against the National Index of 53.39% Low Cost of Living Compared with
safety index of 76.72% against the National Index of 53.39% Low Cost of Living Compared with

Low Cost of Living

Compared with the top seven cities in India.

The Dawn of India’s Future Cities - Focus Nagpur

Nagpur

Pro-active Central and State Policies

INDUSTRIAL POLICY, 2013-2018
INDUSTRIAL
POLICY,
2013-2018

• Planned Development of Secondary Growth Corridors along State and National Highways viz. Mumbai-Nashik-Aurangabad-Amaravati-Nagpur corridor, leveraging on DMIC Programme

• Vidarbha, Marathwada and Konkan would come close to the growth centres encouraging growth of Food & Agro Processing, Engineering, Electronics and Logistics & Warehousing industries

• Exhibition-cum-Convention centres being developed across the state viz. Commercial Complex near Ambazari Garden in Nagpur

• Government planning to chalk out a separate industrial policy for the defence manufacturing sector

LOGISTICS POLICY
LOGISTICS
POLICY

• Maharashtra to implement a comprehensive logistics policy, to develop the state as a logistics hub

• As per GST, Nagpur, a zero-mile centre, is likely to enhance the development of warehousing and logistics sector in Maharashtra

• Construction of Mumbai-Nagpur Super Communication Expressway would expand cargo distribution to 24 other districts besides Mumbai, Thane and Pune from Jawaharlal Nehru Port, Mumbai

IT/ITeS POLICY, 2009
IT/ITeS
POLICY, 2009

• To promote development of IT/ITeS sector in districts with low HDI (Human Development Index) viz. Nagpur, Nashik and Aurangabad, private IT Parks have been set up with 5 such IT Parks in Nagpur

MAHARASHTRA TOURISM POLICY, 2016
MAHARASHTRA
TOURISM
POLICY, 2016

• Districts of Nagpur, Aurangabad and Sindhudurg to be earmarked as Special tourism districts

• MTDC to develop high priority projects under JV/ PPP such as Development of Lake Tourism Circuit in Nagpur, Wardha and Chandrapur

• To popularize culture though events like Nagpur Festival and Orange Festival in the city

• Nagpur, Pune and Mumbai being home to best state of the art hospitals in South Asia, to provide complete package of wellness, yoga and Ayurveda to the medical tourists

Maharashtra Industrial Policy 2013-2018, www.maharashtratourism.gov.in, www.mhupa.gov.in

The Dawn of India’s Future Cities - Focus Nagpur

Role of NMRDA

• In the first half of 2017, Maharashtra State Cabinet paved the way for setting up of Nagpur Metropolitan Region Development Authority (NMRDA)-which would take charge of Nagpur Region spread across approx. 3,567 sq. km covering 719 villages

• NMRDA will undertake activities like rebuilding of certain city pockets, maintaining city streets, drainage and sanitation and implementation of housing schemes and city improvement schemes including the affordable housing scheme under PMAY-Urban

   

PROGRESS ON NEW DEVELOPMENT PLAN

NAGPUR METROPOLITAN AREA (NMA) DEVELOPMENT CONTROL RULES

   

REGIONAL PLANS FOR SATELLITE/ SPECIAL TOWNSHIPS

 

Town Planning Authority yet to sanction the new Development

   

DCR for the Nagpur Metropolitan Area to be read in consonance

 

Special Townships shall be

developed in the NMA as per
developed in the NMA as per

developed in the NMA as per

 

Plan for Nagpur Metro Region

  Plan for Nagpur Metro Region with the proposals of the Development Plan   the norms

with the proposals of the Development Plan

 

the norms in Development Control Regulations

 

Development plan intended to serve as a blueprint for implementing land use and infrastructure proposals in the metro region for 2012-2032 still at draft stage

   

These Rules shall apply to all building activity and development work in the Nagpur Metropolitan Area for which NMRDA is the Special Planning Authority

 

Any area identified can be notified by the Urban Development Department as per procedure laid down in the Maharashtra Regional and Town Planning Act 1966 for the purpose of development as ‘Special Township’ Project

the purpose of development as ‘Special Township’ Project NMRDA will generate funds for the development activities
the purpose of development as ‘Special Township’ Project NMRDA will generate funds for the development activities
the purpose of development as ‘Special Township’ Project NMRDA will generate funds for the development activities
NMRDA will generate funds for the development activities through transfer of development rights (TDR), accommodation

NMRDA will generate funds for the development activities through transfer of development rights (TDR), accommodation reservations and public private partnership (PPP) module

reservations and public private partnership (PPP) module These Regulations shall come into force from date of

These Regulations shall come into force from date of sanction of Development Plan 2014 and these shall replace all existing building bye-laws and Development Control Rules / Regulations applicable for Nagpur Region

Control Rules / Regulations applicable for Nagpur Region The entire Township should be an integrated one

The entire Township should be an integrated one with all facilities within the declared boundary of the township and all infrastructure shall be provided and maintained by the developer

Source: NIT Nagpur, DCR Book

The Dawn of India’s Future Cities - Focus Nagpur

Conclusion

Urbanisation comes with its unique set of challenges with India’s megacities struggling with an overburdened infrastructure as lopsided inward migration creates additional pressure on these cities’ support services. The time is ripe to look at new urban centres which can help India reap the advantages of its demographic dividend by organically spreading the rapidly increasing urban population.

There are already major urban centres which have the ability to be the latest additions to the existing megacities’ list, if substantive investments are made towards improving the living conditions of their citizens, utilising existing strengths to drive economic growth and creating superior infrastructure to drive the broader theme of achieving a holistic urban transformation. Those already a part of the Smart Cities programme are likely to progress faster to become cities that will enable decongestion of neighbouring megacities, provide amenities in sync with population growth and create suitable infrastructure and support services. All of this will be necessary to attract private investments and foster an environment to bring in private organisations and attract talent to achieve the goal of inclusive economic growth.

With investments in warehousing/logistics and manufacturing sectors likely to be first movers in these upcoming cities, creation of affordable housing stock will be critical for low-income groups and migrating residents. Real estate players in these future-ready megacities may be well-advised to look at such opportunities for business growth. With the spate of regulatory reforms, the real estate asset class in the emerging cities of tomorrow also needs to gear up to be in sync with the changed business landscape and innovate through fiscal prudence and corporate

Nagpur ticks most of the boxes in terms of leveraging its existing strengths and undertaking infrastructure capacity upgradation on a massive scale to rank fourth on our index amongst the new megacities of tomorrow highlighting its tremendous potential.

The Dawn of India’s Future Cities - Focus Nagpur

The Dawn of India’s Future Cities - Focus Nagpur About CREDAI Established in 1999, the Confederation

About CREDAI

Established in 1999, the Confederation of Real Estate Developers’ Associations of India (CREDAI) brings together more than 9000 Real Estate Developers from 151 city chapters across 23 states of India under a single umbrella. As the apex body for private sector developers, CREDAI has worked hard to make the industry more organized and progressive by networking closely with government representatives, policy makers, investors, finance companies, consumers, real estate professionals and developers. CREDAI’s code of conduct is adopted proactively by all its members and promotes self governance and ethical practices. CREDAI also updates its members about the latest industry data, technology advancements, industry benchmarks and international situation from time to time. The major objectives of CREDAI are as -

• To perpetuate an ethical code of conduct, which is self - imposed & mandatory for all the member developers of CREDAI

• To maintain integrity & transparency in the profession of Real Estate Development.

• To represent the developers across India by communicating & representing with the government authorities for the formulation of proactive policies for this sector.

• To encourage & support the developers to increase their efficiency in the development/construction activities by introducing the latest technologies.

• To disseminate the data, statistics & other related information in this Decor.

• To promote the interest of construction workers & to educate them on the best practices.

• To encourage research in the profession of construction & real estate development

• To facilitate easy housing finance availability to the property purchases and construction finances to the developers by working in close coordination with the leading house finance institutions & banks.

with the leading house finance institutions & banks. About CREDAI NAGPUR METRO CREDAI-NAGPUR METRO was formed

About CREDAI NAGPUR METRO

CREDAI-NAGPUR METRO was formed in the Year 1998. Since formation, the Association is working to promote the region and is striving to solve the problems & remove hurdles in the path of working of the Developers.

The Association coordinates with various Government Departments and keeps track of the latest information about the new policies connected with the Business.It foresees the difficulties that may arise in future and always tries to find a solution to its members problems.

The Association takes part in various CSR activities including medical camps for construction Labour. It holds various seminars and workshops to keep its members updated on various Govt policies in this ever changing Landscape.

The Dawn of India’s Future Cities - Focus Nagpur

About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 companyh, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com

JLL has over 50 years of experience in Asia Pacific, with 36,800 employees operating in 95 offices in 16 countries across the region. The firm won the ‘World’s Best’ and ‘Best in Asia Pacific’ International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics and ranked among Fortune Magazine’s World’s Most Admired Companies list third year in a row. www.ap.jll.com

About JLL India JLL is India’s premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across 11 cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of 9,300 the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability, industrial, capital markets, residential, hotels, health care, senior living, education and retail advisory. The firm was awarded the Property Consultant of the Decade at the 10th CNBC-Awaaz Real Estate Awards 2015 and the Best Property Consultancy in India at the International Property Awards Asia Pacific 2016-17.

For further information, please visit www.jll.co.in

Authors

Rohan Sharma

Associate Director, Research & REIS rohan.sharma@ap.jll.com +91 99104 84222

Contributing Author

Srija Banerjee

Assistant Manager, Research & REIS srija.banerjee@ap.jll.com +91 98363 90090

Alok Jha

Assistant Vice President, Research & REIS alok.jha@ap.jll.com +91 98604 36695

For More Information About Research

Ashutosh Limaye

Head, Research and REIS +91 98211 07054 ashutosh.limaye@ap.jll.com

Acknowledgements:

Vasanth Raghunathan, Sushma Vemuri and Kartheek Babu of JLL Research for their contribution to the report

Credits:

Anand Singhania

Anil Nair

Siddharth Saraf

Shajai Jacob

Chairman

President

Vice President

Director & Head

NIS 2017

CREDAI NAGPUR METRO

CREDAI NAGPUR METRO and coordinator of the CREDAI JLL research report

Marketing, JLL India

of the CREDAI JLL research report Marketing, JLL India jll.co.in Jones Lang LaSalle Property Consultant (India)

jll.co.in